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SIMON BROWN: I’m chatting with Tasneem Samodien from Old Mutual Private Wealth. Tasneem, appreciate the time. Estée Lauder was certainly one of the sort of ‘post-pandemic darling’ stocks. We were all going out again. Their brands were doing incredibly well. But it has lost favour. Since the highs of late December 2021 it has been down over 80%. What’s ailing the company?
TASNEEM SAMODIEN: Good morning, Simon, and thank you for having me. Yes, Estée Lauder is a sad story and really a cautionary tale for investors, particularly quality investors, because it’s just been a series of unfortunate events.
But Covid was really the catalyst. It just took the market a while to calibrate. Covid was the catalyst because it exposed vulnerabilities in the Estée Lauder business. What stood out very clearly during Covid was the…
